Module Details

Module Code: ECON H1309
Module Title: Economics
Title: Economics
Module Level:: 6
Credits:: 10
Module Coordinator: Martin Meagher
Module Author:: Enda Cassin
Domains:  
Module Description: This module is designed to enable students to acquire a knowledge and understanding of the fundamental economic concepts necessary for the work of a business professional. Students are introduced to the core areas of economic theory providing them with a toolkit for analysing economic and business questions.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Explain the microeconomic environment and identify how a market economy functions
LO2 Illustrate andexplain key models of microeconomics
LO3 Apply basic microeconomic analysis to explain economic and business issues
LO4 Explain the macroeconomic environment within which Irish firms and managers operate
LO5 Illustrate and explain key models of macroeconomics
LO6 Gather, assemble and communicate macroeconomic data/statistics relevant to business managers
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is recommended before enrolment in this module.
No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Additional Requisite Information
No Co Requisites listed
 
Indicative Content
SECTION A: MICROECONOMICS Introduction
What is economics; Scarcity, choice and opportunity cost; Production possibility frontier; Macroeconomics versus Microeconomics; The importance of economics to a business person; Economic systems; The New Economy
Demand, Supply and the Market
Demand and consumers; Supply and producers; Market equilibrium and the price mechanism; Price controls
Elasticity of Demand and Supply
Price elasticity of demand; Cross - price elasticity of demand; Income elasticity of demand; Relationship between price elasticity of demand and revenue; Elasticity of supply
The Consumer and Demand
Utility; Marginal utility analysis; The Law of diminishing marginal utility
The Firm and Production
The objectives of the firm; Production; Law of diminishing marginal returns; Costs; Increasing/Decreasing and Constant Returns to Scale; Profit-maximising output level
Market Structures
Perfect competition; Monopoly; Monopolistic competition; Oligopoly; Comparisons of the different types of market structures
Factor Markets
Labour and wages; Capital and Interest; Land and rent; Entrepreneurship and profit
SECTION B: MACROECONOMICS Measurement of macroeconomic activity:
National income statistics (G.D.P. and G.N.P.) The circular flow model of economic activity The three methods for measuring economic activity The Irish National Accounts Limitations of using G.D.P. and G.N.P. as measures of economic activity
The Determination of National Income
The Keynesian approach; Aggregate Demand: Consumption, savings, investment, government; ;expenditure, exports and imports; The multiplier and accelerator; Paradox of Thrift
Government & the Economy
Role of government within an economy; Economic Policy Objectives; Attributes of a good tax system; Direct and Indirect taxation; Public sector borrowing; The Budget; National Debt; Fiscal Policy
Money and Banking
The nature and functions of money; The demand for and supply of money; Interest rate determination; The role of a central bank; The European Central Bank; Ireland and the Euro; Monetary Policy
Inflation and Unemployment
Measuring inflation; Demand pull and cost push theories of inflation; The Philip's curve; Effects of inflation; Policies to reduce high inflation; The Irish experience with inflation; Deflation; Theories of unemployment; Costs of unemployment; Policies to reduce unemployment; The Irish experience with unemployment
International Trade and Finance
What is Globalisation?; Introduction to the theories of international trade; Barriers to trade and Government intervention in international trade; Free trade and the World Trade Organisation (W.T.O); Single European Market; Balance of payments; Introduction to exchange rate regimes.
Module Content & Assessment
Assessment Breakdown%
Continuous Assessment30.00%
End of Module Formal Examination70.00%

Assessments

Full Time

Continuous Assessment
Assessment Type Other % of Total Mark 10
Timing Week 6 Learning Outcomes 1,2,3
Non-marked No
Assessment Description
Class test, essay, project,etc
Assessment Type Other % of Total Mark 10
Timing Week 12 Learning Outcomes 1,2,3
Non-marked No
Assessment Description
Class test, essay ,project etc
Assessment Type Other % of Total Mark 10
Timing Week 25 Learning Outcomes 4,5,6
Non-marked No
Assessment Description
Class test, essay, project etc
No Project
No Practical
End of Module Formal Examination
Assessment Type Formal Exam % of Total Mark 70
Timing End-of-Semester Learning Outcomes 1,2,3,4,5
Non-marked No
Assessment Description
End-of-Semester Final Examination

SETU Carlow Campus reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Category Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Class based instruction Every Week 3.00 3
Independent Learning Time Non Contact No Description Every Week 4.00 4
Total Weekly Contact Hours 3.00
Workload: Part Time
Workload Type Workload Category Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact No Description Every Week 1.50 1.5
Independent Learning Time Non Contact No Description Every Week 5.50 5.5
Total Weekly Contact Hours 1.50
 
Module Resources
Recommended Book Resources
  • Turely G and Maloney M. (2011), Principles of Economics an Irish Textbook, 4th.. Gill and Macmillan.
  • Begg D.,Fischer S. and Dornbusch R.. (2011), Economics, 10th.. McGraw-Hill.
  • Nagle S. (2005), Economics, 3rd Ed.. Colour Books Limited.
Recommended Article/Paper Resources
  • The Irish Times.
  • The Economist.
Other Resources
  • www.cso.ie.
  • www.esri.ie.
  • www.data.worldbank.org.
Discussion Note: